TransForce has submitted a proposal to the board of directors of Vitran Corporation to acquire all of the issued and outstanding shares of Vitran not already owned by TransForce at a price of USD$4.50 per share.
TransForce made the proposal with the objective of entering into negotiations with Vitran’s Board and obtaining its support.
The proposal is conditional upon the sale of Vitran’s US LTL business announced earlier this week. (Vitran recently sold its US LTL division to the Moroun family in Detroit, which also own and operates the Ambassador Bridge as well as a number of trucking companies).
Under the plan, Vitran would remain a standalone business within the TransForce group of companies and the existing management team would remain with Vitran going forward to continue to execute their business plan.
TransForce currently controls 9.51% of the outstanding shares of Vitran.